Who could comfortably retire, but keep working

[biku324]

…having maxed my Federal retirement benefits.

30.5 years of service, exactly, that garnered me 83% of my pay. Given I was contributing 7% of pay to retirement I was effectively working for 10%. (Some say that was all I was worth, but I digress.) Retirement pay raises based on annual Federal pay raises have kept me on pace with inflation…perhaps ahead.

Did not need or want another job. If I wanted a job would have kept the one I had.

That said, life is simply grand. Zero financial worries and health is excellent. I am fortunate!

Be safe.

Treasure that older CRS retirement - since the later '80s the FERS system for newer employees is 1.1% per year of service, so your 30.5 years today would get you 33.55% of your high 5 salary years plus whatever you put in your TSP (Fed version of a 401k). Many states and local governments have better retirement systems these days.

 

[jeffrefrig]

I have, for the most part, been very fortunate for having nothing more than two tech school diplomas received after losing everything when the steel mills shut down for good. Except for my first job with a near-bankrupt contractor, the Steamfitters Union was great for me. When I got my job working for the Pittsburgh School District I felt like my last 17 years was nothing more than 17 years of semi-retirement. Plus, they took away my will to work! Two pensions plus Soc. Sec. and my annuities make life very comfortable. I have turned down several "side jobs" replacing residential systems; even for two brothers-in-law. I gave most of my tech tools to my son, who works for a good RHVAC company. He picks my brain once in a while so that helps me keep the ol' gray matter active. (I'm still trying to get it through my BIL Mike that his hot water tank does NOT go empty; it just needs time to heat the water in it!) The only thing I miss about my job is all the (few & far between) good-looking lunch ladies! Plus, the way things are going in the world I'm glad I'm in the final stage of life and still relatively healthy. Joint pain relief is a puff or pill away, so I can deal with that for a couple days a week.
I say to anyone on the retirement fence to climb over it and enjoy your life. Now, I would NOT say no to driving one of those old people Access Vans for retirees who can't drive anymore. Of course, I would want the morning rush hour shift, driving no more than 11 miles per hours and sitting through green lights!!
Now, if you happen to be 56 years old, that is NOT the time to start saving for your little nest egg!

 

[Mike SC Hunter]

Retired at 59 1/2 10 years ago.......Life's been good. We have been Blessed by our Maker.
I have my own pistol/rifle range and skeet field. So I can shoot 24-7 if I wish. Plant a dove field and deer/turkey plots....Nothing smells better than diesel smoke and fresh turned dirt. You can do a lot of thinking looking over the hood of a John Deere.
So....I hunt/fish/shoot/reload and I and the wife go wherever we want when ever we want.
......If offered to go go back in life and come through again...I wouldn't do it.

 

[Fishinfool]

I was a LEO in one form or another all my adult life. Got pretty badly injured on the job and was out for almost a year. Came back to work for about 6 months, but decided to pull the plug when I hit 50 - Minimum retirement age. Didn't feel I could keep up, both mentally (I was getting an attitude I didn't like) and physically.

Spent about 5 years doing nothing but hunting, shooting, and fishing / kayaking.

Got bored and picked up a part time job delivering auto parts. I liked it and enjoyed chewing the fat with some of the old time garage owners. Was there about 5 years. Funded many a gun purchase. Got a new store manager in who pretty much wrecked the place with his absolute inability to talk to people. I actually had to save him once from an irate customer who came over the counter after him. I walked shortly afterwords.

Now I'm back to the hunting / fishing routine.

More power to those who enjoy their jobs and want to stay active at them. I probably would have done the same until mandatory retirement at 57 if I hadn't been injured.

Larry

 

[TXBryan]

My wife and I have owned our own business for 20 years and are "retiring" at the end of next month. I still have a few fun paying gigs that will continue, probably as long as I want them to, and we are both covered up with volunteer work. It's not a stretch to say we're too busy to work; now if a few of those "positions" paid minimum wage we'd really be set!

It's time, I'm 67, and the board of directors at our "main contract" is as young and inexperienced as it's ever been in the 16 years we've managed their business. They are making, what I view, as some very poor decisions that I no longer seem to be able to prevent. I understand things change, and it's their organization, but they can't make me watch them trash it.

Between Sec/Treas of the local Lions Club, church lay-leader and president of the church men's club, board of the local botanical garden, band boosters, broadcasting the high school football games, etc. we'll stay plenty busy.

Good luck with your decisions. Bryan

 

[JMD999]

I’m 65 and we have several rent houses and other funds so retirement wouldn’t be much of an issue, but I can’t really picture myself not working. I own my own business and like what I do and I can pretty much take off whenever I want. I just don’t know what I would do if I was retired. We travel a lot and take a lot of vacations but after a week, I’m always ready to come home and do something productive. I do get tired a little more quickly than I used to, but sometimes I’ll go home early and rest. I’m just not interested in the TV, Internet, news, most sports, gossip, or keeping up with current events in Hollywood. I don’t want to do crafts or gardening or volunteer work, if I’m going to work, I’d rather do construction projects and make a lot more money. It’s a business I know. Any other guys out there that choose to work full-time, even though they don’t have to?

You have feathered your nest very well thru your life, I would consider you " Working retired" as you can step aside whenever you want -due to the lifetime of hard work and choices you have made! I stayed 9 more years after i "qualified" because i loved my job and the people i worked with.

 

[Rustyt1953]

My office:

 

[ColbyBruce]

My office:

I agree with your dress code…I dislike neckties immensely.

 

[Doug M.]

I am able to work pending my kidney transplant. I am valued and they let me work kind of odd hours as a medical accommodation. My home dialysis takes roughly 12 hours total, from setup to teardown, and recovery from the subsequent meds can take a while. I am almost always available from 0800 on, checking email and taking calls. I get to the office late AM or noon, eat at my desk while I do stuff, and bash through my duties as fast and well as I can.

I do a lot of stuff that no one else wants to do or has the background to do, hence my value. They have been concerned for several years about what to do when I do go, and had no success in recruiting/developing a successor. Our salaries have been improved a lot in the last year, which will have a real positive impact on my pension.

As a result of the transplant's collateral effects (imunocompromise), it is safer for me to never fly or stay in a hotel, with of which are made harder by the dogs, so we are in the process of making a custom Super C RV (most factory RVs are of horrendous deign and quality until you get well over $1M; phooey on that, and I would not have a Class A on a bet). At least until we sell the house and go to something smaller, paying for it will make working a better choice.

I almost never look like a lawyer. I'm busy, productive, respected, and well paid. I win all the way around.

 

[Tom S.]

If you love what you do, what's there to retire from? I was stuck in a job I absolutely hated, retired at 59, and never looked back.

True. If you like what you do then it's not work. I retired in 2006, went back to work as a consultant in 2007 then retired again. I still work occasionally on things I don't mind doing, mostly to help people out, though it's getting less often as my body can't keep up anymore.

 

[LVSteve]

Treasure that older CRS retirement - since the later '80s the FERS system for newer employees is 1.1% per year of service, so your 30.5 years today would get you 33.55% of your high 5 salary years plus whatever you put in your TSP (Fed version of a 401k). Many states and local governments have better retirement systems these days.

FERS sounds a bit like the UK Civil Service plan. Each year earned 1/80th of your best three years as pension. The most you could earn was 40/80ths, or a half pension. Retirement age was 60, so anybody with a first degree never made made it to that level.

 

[Muss Muggins]

Treasure that older CRS retirement - since the later '80s the FERS system for newer employees is 1.1% per year of service, so your 30.5 years today would get you 33.55% of your high 5 salary years plus whatever you put in your TSP (Fed version of a 401k). Many states and local governments have better retirement systems these days.

First of all, it's high three. Second, you get your unused sick leave credited as years of service. Most e'erbody has a year. Third of all, you left out the Social Security that FERS employees get and CSRS employees don't get, even if they get another job post retirement and pay enough quarters to ostensibly qualify. People like that are helping keep SS afloat. Fourth of all you left out the law enforcement supplement that pays earning test free until 57, and then earning tested until 62. I entered service with the Yankee Gov’t right after this changed. At the time, e’erbody was championing staying in CSRS. Met with my first supervisor a couple months ago, who stayed in CSRS and laughed at those who didn’t. Retired in 2001 or so. He was fundamentally financially well behind. Should have switched.

 

[JohnRippert]

I ended up retiring a couple years early due to Mom needing a caretaker that we did not have to pay through the nose for. I liked what I did but hated the idiotic management practices of those above my immediate boss. That was almost two years ago and I am going to be applying for SS next month, since I will be 62 in October. Should get my first check beginning of December. I have a pension that is only a couple hundred less than my SS checks will be. I have a decent amount in my 401K and I am planning on not touching it until mandatory withdrawal age. I have no debt as the house and cars are paid for. Not big on travelling or going out to eat much, so I should be okay. Just doing what I can for Mom and enjoying not going to work any more.

 

[GypsmJim]

Lots of people want to hire me but they all want to pay me what I'm worth. I can't see wasting my time for that.

Probably a problem with my vision. Lots of things I just can't see myself doing anymore.

When my company moved to freaking ** and I didn't want to relocate out of my beloved NY state (OK, blast me now.....LOL) I started my own engineering consulting business and basically worked for all of my company's competitors.

I set my fees at what I thought I was worth. Never did I get anyone say I was charging too much.

Then I got a 3 year assignment from a silicon valley company. They hired me on the phone. Two years later my main contact quit and when we had our exit meeting she told me the CEO was ecstatic they got me so cheap.

Soon after they hired another consultant to work with me and I found out he was charging almost double my fee.

When that contract ended I tripled my fee and never got any pushback.

Now, I charge what I am truly worth.

 

[tops]

I retired at 57. Drew my pension then later my SS. Pretty soon I will be retired as long as I worked. Lord wiling.

You are my hero. I've always wanted to be retired as long as I worked but don't think I'll make it. Worked from 16 to 60, 44 years. Now 82 so half way there but doubt if I'll make it to 104. I'm trying hard to not let the old man in. Larry

 

[BC38]

You are my hero. I've always wanted to be retired as long as I worked but don't think I'll make it. Worked from 16 to 60, 44 years. Now 82 so half way there but doubt if I'll make it to 104. I'm trying hard to not let the old man in. Larry

Ditto that! I worked and paid SSI taxes for 43 years before I fully retired at 60.
There's no way I'm going to make it to 103 - but I'm definitely going to enjoy as many of my "golden years" as I possibly can!

 

[LVSteve]

I comfortably retired 9.5 years ago at the rip old age of 50. In addition to having two International consulting businesses, I work for a multinational corporation. In my spare time I go to gun shows, which reminds me there’s one today in Vegas.

Now that cat is out of the bag, we will require a show report.

 

[pmanton]

I pulled the plug as soon as I hit 62. That was 2000 and I've been busy ever since.

 

[AC Man]

I have been a HVAC contractor since 1986, started in the field 1972. Turned the business over to my son last year and said it is all yours, just keep sending me my salary pay check.

I feel sorry for him because I can't think of a worse business to be in when it comes to stress and hours except roofing and the restaurant business. He's 35. When I was 35 I didn't know any better either. LOL

The thing is in the 70's and 80's you put a help wanted in the paper and 15 guys would reply. Now you advertise on the national internet and you go weeks without one applicant, and they want 100k per year in po dunk Florida. Insanity.

Did the OP ever say what his business is?

 

[Kanewpadle]

I could easily retire next year. But I probably won’t.

I’ve been locksmithing for over 30 years. Started working for DoD four years ago. Wish I would have made that move years ago because I’d be retired by now.

Been promoted twice in the last year and now my job is strictly administrative. Haven’t turned a wrench in quite a while. The guys give me **** because my hands are no longer callused.

But with excellent pay, benefits, and all time off I need anytime I want it why go?

I’m surrounded by older guys at other shops in other trades. Yes, some of them are keeping others from promotion but most are a wealth of knowledge and experience that we need. I fit right in.